The George Washington University has a legal responsibility to account for capital assets and maintain accurate records in accordance with University and Federal requirements. Therefore, departments must ensure that all assets within their scope of authority are physically safeguarded and accounted for.
A fixed asset is any tangible asset acquired by the University for providing administration, education and research services.
GW Comptroller Office performs a yearly physical inventory of all assets by visiting the site locations where the assets reside. The purpose of the physical inventory is to verify the existence, location, and condition of fixed assets and to validate the accuracy of the university's accounting records. Therefore, it is critical that departments within the School of Medicine and Health Sciences report any of the changes listed below to Office of Resource Management and Operations using the Change in Fixed Asset Status Form.
- If there is a change to the location of the fixed asset.
- When fixed asset is assigned to a different custodian/member of staff.
- If a fixed asset is loaned or transferred within/outside of GW.
- If a fixed asset is sold.
- If a fixed asset is stolen (Risk Management and GWPD should also be informed as well).
- If a fixed asset is broken and beyond repair.
Disposing of a fixed asset:
When fixed assets acquired for a sponsored project are no longer needed for that project, the Principal Investigator should work with OVPR, Office of Resource Management and Operations, and other appropriate university personnel to identify plans for the fixed asset and receive approval for proper disposal of the asset in accordance with Federal Guidance.
When university property wears out, becomes obsolete or is no longer needed in operations, and unable to be reused by another university office, it becomes surplus property. If property being disposed of as surplus property is a Fixed Asset, the user office is responsible for completing the Change in Fixed Asset Status Form signed by the appropriate department manager or Chair, and submitted to the Office of Resource Management and Operations.
The Departmental Administrator is responsible for checking the departmental Fixed Asset List sent to them each year during asset inventory to ensure that all known additions, disposals and reassignments of fixed assets are reflected on the list and notifying the Office of Resource Management and Operations where they are not.